Ion Bank recently added a 19-month CD Special (1.75% APY) that requires a new or existing checking account relationship. The minimum opening deposit is $500, with a maximum deposit of $250k per customer.
Ion Bank has four checking accounts (Free Checking, Preferred Checking, Classic 50 Checking, Preferred 50 Checking), all of which qualify for the checking relationship.
|0.10*%||$10k||-||Ion Bank||Preferred Checking|
|OTHER TIERS: 0.05% → $1k - $10k|
In a Live Chat, CSR stated that the Early Withdrawal Penalty “is $25.00 plus 3% of the amount withdrawn.”
Headquartered in Naugatuck, Connecticut, Ion Bank offers its product line and services to residents of Connecticut.
Opening an Ion Bank CD and checking account can be done online, or done in person at any of 18 Connecticut branches located in Ansonia, Cheshire, Hamden, Meriden (2), Middlebury, Naugatuck (4), Oxford, Prospect, Southbury, Wallingford, Waterbury (2), Watertown, and Woodbury.
Ion Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.30% (excellent) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $89.77 million, an excellent annual growth rate of 10.65%. Please refer to our financial overview of Ion Bank (FDIC Certificate # 18198) for more details.
Established in 1870 as the Naugatuck Savings Bank, Ion Bank is a wholly owned subsidiary of Ion Financial, MHC. Currently Connecticut’s 11th largest bank with assets in excess of $1.2 billion, Ion Bank is actively supports the community through the Ion Bank Foundation.
The Ion Bank Foundation was established to ensure the tradition of supporting community organizations would continue far into the future. The Foundation has proudly made a difference through its support of local organizations in a variety of areas including healthcare, economic development, human services, education and the arts. Since its inception, cumulative grants have exceeded $5.8 million. It is the goal of the Foundation to give approximately 5% of its assets each year to non-profit organizations.
How the CD Compares
When compared to the 209 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to within the Bank’s market area, Ion Bank’s 19-month CD APY currently ranks first.
The above rates are accurate as of 6/23/2017.